11/08/2024
The Fed met yesterday immediately following the election, making the decision to cut the federal funds rate by 0.25%, to a rate of 4.50% - 4.75%. The Fed does not set mortgage rates, but it can have an influence on them. So, what does this mean for home buyers?
Mortgage rates have been fluctuating since the previous rate cut in September. Many buyers were hesitant due to various factors—the election, the time of year, or rates not being low enough. The good news is this additional rate cut offers some relief on high-cost debts like credit cards and auto loans